Archive | Section 80 Deductions

The government today announced the interest rates for small savings schemes for the July-September 2017 quarter. Interest rate on Public Provident Fund (PPF) has been cut by 10 basis points to 7.8% Interest rate on Kisan Vikas Patra has been cut by 10 basis points to 7.5% Interest rate on National Savings Certificate has been cut […]

During this lifetime of a parent, probably the most important phase comes at the time of the child’s education. Quality education is very important for the upbringing and future of the child. We all know this; the importance of education is not something we need to talk about. But getting a quality education has become […]

[update – 25 May 2017] NSDL is now allowing NPS subscribers to update their FATCA self-certification online. You can do this by logging into your NPS account on https://cra-nsdl.com/CRA/ and clicking on ‘FATCA Self-certification’ under the main menu of ‘Transaction’. The FATCA submission will be authenticated via an OTP that you will receive on your registered […]

It is common for taxpayers to claim HRA exemption by paying rent to parents. But a lot of us do not know the right way to do this. Let’s understand in detail. You may have heard about a recent case law of how the income tax department refused to allow HRA exemption for rent paid by a […]

As we get comfortable with tax savings under Section 80C of the Income Tax Act, we start to seek more avenues to save tax. But saving tax should not be the only reason for choosing an investment. The more important criteria is how does the investment fit into your goals. And the period for which […]

The financial year is going to end soon and you may be busy planning last minute tax saving for FY 2016-17. But no matter what time of the year it is, understanding how to save taxes on salary can be very helpful. Changes announced in Budget 2017, have lowered taxes for all in FY 2017-18 […]

And the Finance Minister has brought lower taxes for most of us! Budget 2017 has lowered your tax outgo if you Total Income is less than Rs 50L. A large number of taxpayers will now pay lower taxes. Filing statistics from FY 2013-14 reveal nearly 3 crore taxpayers earned Rs 5lakhs or less. Let’s see […]

The 2017 Budget will be presented on Wednesday and as always there is a lot of expectation tax payers have from this Budget. Only time can tell whether this budget will lower your taxes. But now is the time to plan your tax saving investments if you haven’t already done so. Let’s look at how […]

To protect our senior citizens from falling interest rates, the government has launched Varishtha Pension Bima Yojana 2017. This is a pension scheme that guarantees 8% return for 10 years. The launch date has not been notified yet. Government has launched this scheme earlier as well. A similar program by the same name ‘Varishtha Pension […]

Besides the benefit of securing one’s life by taking a life insurance policy, there are tax benefits & income tax exemption on the maturity amount received from the policy provided the premium paid to actual capital sum assured does not exceed the prescribed thresholds provided by Income Tax Act. Life insurance proceeds received on maturity […]